28 Apr 2021 07:02

SEB's first quarter 2021 result

The operating profit for the first quarter 2021 amounted to SEK 7.5bn with a return on equity of 13.8 per cent and a Common Equity Tier 1 capital ratio of 20.3 per cent.

"The overall concern observed last year in the global economy has been replaced by an increased optimism. This in turn affected several parts of SEB’s business and the operating result improved by 17 per cent in the quarter. Asset quality was strong and the net expected credit losses are expected to normalise already in 2021 based on the improved macroeconomic outlook. The capital buffer was 780 basis points above the requirement,” says Johan Torgeby, President and CEO.

Financial information

 

Q1

 

Q4

 

 

Jan–Mar

 

Full year

SEK m

2021

 

2020

%

 

 

2021

2020

%

 

2020

Total operating income

13 347

 

13 066

2

   

13 347

10 089

32

 

49 717

Total operating expenses

-5 718

 

-5 842

-2

   

-5 718

-5 646

1

 

-22 747

Net expected credit losses

- 156

 

- 835

-81

   

- 156

-1 494

-90

 

-6 118

Operating profit before
items affecting comparability

7 475

 

6 382

17

   

7 475

2 950

153

 

20 846

Items affecting comparability

                   

-1 000

Operating profit

7 475

 

6 382

17

   

7 475

2 950

153

 

19 846

NET PROFIT

6 018

 

5 123

17

   

6 018

2 355

156

 

15 746

                       

Return on equity, %

13.8

 

12.2

     

13.8

6.0

   

9.7

Return on equity excluding items affecting comparability, %

13.8

 

12.1

     

13.8

6.0

   

10.3

Basic earnings per share, SEK

2.78

 

2.37

     

2.78

1.09

   

7.28

 You can download the Quarterly Report, Results Presentation and Fact Book from https://sebgroup.com/investor-relations/reports-and-presentations/financial-reports.

For further information, please contact
Masih Yazdi, CFO, +46 771 621 000
Pawel Wyszynski, Head of Investor Relations, +46 70 462 21 11
Karin Lepasoon, Head of Group Marketing and Communication, +46 771 621 000
Henrik Westman, Acting Head of Corporate Communication, +46 70 763 51 34

 This is information that Skandinaviska Enskilda Banken AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at around 7.00 am CET, on 28 April 2021.

SEB is a leading northern European financial services group with a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. SEB takes a long-term perspective and supports its customers in good times and bad. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, the bank's operations have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in its presence in some 20 countries worldwide. At 31 March 2021, the Group's total assets amounted to SEK 3,443bn while its assets under management totalled SEK 2,243bn. The Group has around 15,500 employees. Read more about SEB at sebgroup.com